A-share review | The GEM index surged 5.64%, and computing power hardware and CRO collectively exploded

The Zhitong Finance App learned that on August 4, the A-share market opened high, GEM led the way, and the entire computing power hardware industry chain exploded. At the close, the Shanghai Stock Exchange Index rose 0.33% to 3822.28 points, the Shenzhen Stock Exchange Index rose 3.25% to 13885.71 points, the GEM index rose 5.64% to 3488.97 points, Science and Innovation 50 rose 4.09% to 1616.36 points, and the Beijing Stock Exchange 50 rose 1.62% to 1093.49 points. The turnover of the Shanghai and Shenzhen markets was 2213.592 billion yuan, an increase of 216.206 billion yuan over the previous trading day.

In the entire market, 3,642 stocks rose, 1,747 fell, 141 rose or stopped, and 1 fell to a halt. The profit effect was about 65%. Communications equipment (+10.74%), optical chips (+10.26%), components (+8.47%), medical services (+7.44%), CPO concepts (+6.90%), and PCB concepts (+5.92%) had the highest gains; large state-owned banks (-3.49%), insurance (-2.82%), passenger cars (-3.09%), and liquor (-1.97%) registered the highest declines.

driving factors

Overnight, US technology stocks rebounded sharply. The NASDAQ index rose 2.13%, and the seven major tech stock indices rose 3.6% to the best single-day performance since March 31. Among them, Meta rose more than 6%, Microsoft rose nearly 5%, Google and Amazon all rose more than 4%, and Nvidia rose nearly 3% to return to a market value of 5 trillion US dollars. The capital expenditure of North American cloud vendors continued to grow rapidly in the second quarter: Google raised its 2026 capital expenditure guidelines from US$180 billion to US$190 billion to US$1950 billion, Amazon raised it from about US$200 billion to US$220 billion, and Meta adjusted it to US$130 billion to 145 billion US dollars.

CITIC Securities released a research report stating that the Amazon CEO responded positively to the issue of return on AI investment, saying that the break-even point of investment in servers and network equipment is “less than three years”, and that a virtuous cycle of AI investment and return has initially been formed, greatly alleviating market concerns about the sustainability of AI capital expenditure. The State Council announced the revised “Integrated Circuit Layout Design Protection Regulations” on August 3. This is the first systematic revision in more than 20 years to include integrated circuit layout designs integrating photonic and quantum functions within the scope of protection and increase infringement compensation.

On the evening of August 3, Yao Ming Kangde announced a comprehensive increase in its 2026 annual results guidelines. It is estimated that overall revenue will increase from 51.3 billion yuan to 53 billion yuan to 58.5 billion yuan, and the year-on-year growth rate of continuing business revenue will increase from 18% to 22% to 35% to 39%.

Popular sector aspects

1. CPO/Optical Communications: The communications equipment sector led the two markets with a 10.74% increase. Unicom Instruments 20CM rose to 194.80 yuan, Optical Bank Technology rose and stopped 20CM, Tianfu Communications rose 17.45%, Xinyisheng rose 13.68%, Zhongji Xuchuang rose 13.24%, Dongshan Precision, Cambridge Technology, Yongding Co., Ltd., Huilu Ecology, and Huashanchang rose and stopped.

In terms of catalysis, Nvidia's senior vice president announced that Co-Packaging Optics (CPO) has entered mass production. The North American cloud manufacturer's performance and capital expenditure guidelines continue to exceed expectations, and the CITIC Securities Research Report is optimistic about the medium- to long-term boom in the optical communications sector.

2. Semiconductors/PCBs: The semiconductor sector rose 5.39%, the component sector rose 8.47%, and the PCB concept rose 5.92%. Shanghai Electric Power Co., Ltd., Shennan Circuit, Red Board Technology, Pengding Holdings, and Shengyi Technology rose and stopped, Jinhaitong rose and stopped, Tongfu Microelectronics rose 8.30%, and Changdian Technology rose 7.23%. Jialichuang (001232.SZ), a one-stop service platform in the PCB field, closed up 146.28% to 208.01 yuan on the day of its initial launch. At one point, it rose more than 177% during the intraday period, and its total market value exceeded 100 billion yuan.

According to the news, the State Council announced the revised “Integrated Circuit Layout Design Protection Regulations”, which included photonic and quantum chip layout design protection for the first time. Combined with overnight financial reports and capital expenditure guidelines from US technology giants, it completely exceeded expectations, and the semiconductor industry chain sentiment has clearly recovered.

3. CRO/Innovative Drugs: The medical service sector rose 7.44%. Yao Ming Kang De went up and down, Gloria Ying and Baihua Pharmaceutical rose and stopped, and Kanglong Chemical went up. On the evening of August 3, Yao Ming Kangde announced a comprehensive increase in the 2026 annual results guide. The overall revenue is expected to rise to 58.5 billion yuan to 60.5 billion yuan, and the year-on-year growth rate of revenue from continuing operations will rise to 35% to 39%, boosting sector sentiment.

Adjust the section

The large state-owned banking sector fell 3.49%, the insurance sector fell 2.82%, the Industrial and Commercial Bank, Agricultural Bank, Bank of China, and China Construction Bank all fell by more than 3%; the liquor sector fell 1.97%. The performance of the above sector was relatively resistant to decline during the previous technology stock adjustment period. The decline was the highest on the same day, and the market showed structural rotation within the index.